The 13 Banks With The Most Exposure To The PIIGS

APFranco-Belgian bank Dexia is being restructured and officials have agreed to guarantee funds it raises. The bank has $31 billion in gross exposure to the GIIPS. Its net exposure, which accounts for any offsetting positions, is $28.8 billion, according to Financial Times.

We pulled together European banks with massive net exposure to GIIPS sovereign debt from Citi's latest report. Unlike the gross figures, net exposure gives a better picture of actual risk. The 13 banks on our list have a combined $448 billion in net exposure to GIIPS.

Note: Data is from Citigroup's assessment of the European Stress Tests. All figures highlight net exposure.